Harbin Electric, Inc. [[HRBN]], a leading developer and manufacturer of a wide array of electric motors in the People’s Republic of China, today announced the closing of its previously announced public offering of 6,250,000 shares of its common stock at $16.00 per share. The Company received net proceeds of approximately $93.4 million from the offering, after deducting underwriting discounts and estimated offering expenses.
Roth Capital Partners LLC acted as the sole underwriter for the offering. Harbin Electric has granted the underwriter the option to purchase up to an additional 937,500 shares of common stock on or prior to August 29, 2009 to cover over-allotments, if any.
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